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- What are the advantages of letting my property?
There are several advantages to letting your property:
- Generating income whilst retaining your investment
- Income towards property costs
- No council tax, water rates, gas or electricity bills whilst the property is let
- An empty property can increase insurance costs
- Why do I need an Agent?
There is nothing to stop a Landlord letting his property without the assistance of an Agent. However, there are many legal requirements that a Landlord has to fulfil and failure to comply may result in criminal prosecution. Also our vetting procedure of all prospective tenants, which includes a credit search through a reference agency, reduces the possibility of letting to an 'unsuitable' tenant allowing you to make the right choice of tenant.
- What are my outgoings?
Usually your outgoings would be:
- Mortgage repayment
- Building Insurance and Contents Insurance (if applicable)
- Legal Expenses Insurance (as desired)
- Repairs to property and contents - unless caused by tenant
- If property Leasehold - ground rent and service charges
- Managing agents fees
- When property empty - utilities and services
- Will renting my property affect my mortgage?
You are required to obtain permission from your lender before letting your property. Failure to obtain permission may result in a breach of your agreement.
- Would I be required to tell my insurance company?
You are required to inform your insurance company of your intention to let. Failure to do so could result in your insurance being invalidated.
- Will I have to pay tax on the income generated from letting?
You will be liable to pay tax on any profit generated from letting your property. The amount of tax payable will depend on your circumstances. If you are resident overseas for more than six months in any tax year you will be regarded as a non-resident landlord. The current legislation requires us to deduct and pay over to the Inland Revenue tax at the basic rate unless we are in receipt of an exemption from the Inland Revenue. An exemption would be required in the names of each Landlord should the property be owned jointly.
- If my property is leasehold, what do I do?
You must advise your managing agents or freeholders as any change in the type of occupancy may affect the buildings insurance.
- As a Landlord do I have to provide any furniture or furnishings?
As there is very little difference between rental values on furnished and unfurnished property we would normally suggest a property is let unfurnished but with the benefit of carpets throughout and/or curtains. Should a Landlord wish to let a property either part or fully furnished there are specific Regulations which have to be complied with in respect of the furniture supplied (See insert 'Landlords Safety Regulations')
- Are there any Regulations governing gas and electric installations and appliances?
It is a legal requirement to have the gas supply and all gas appliances (whether portable or fixed) serviced every 12 months by a CORGI registered gas fitter. There is currently a requirement with regard to electrical appliances to ensure that all appliances are 'safe' but it is not, as yet, a requirement to have electrical appliances checked every 12 months. (See insert 'Landlords Safety Regulations') With regard to smoke alarms, although smoke alarms have to be installed in new buildings or conversions, it is strongly recommended that a Landlord install one smoke alarm on each floor of the property.
- What are my responsibilities regarding repairs?
Under the Landlord and Tenant Act 1985 all Landlords have a legal obligation to maintain the structure of the building, sanitation and supply of services. Within the terms of the Tenancy Agreement should an item require replacing or repairing through fair wear and tear a Landlord would be expected to attend to this repair.
- What do I do if I want my property back?
Our Tenancy Agreement will usually be drawn up for an initial fixed term period. Should a Landlord require possession at the end of the fixed term then adequate notice must be given to us in order for us to serve the relevant Notices to comply with the current legislation. Notice to a tenant would be a minimum of 2 months.
- How much rent will I get for my property?
Economic factors of supply and demand, plus location, accommodation and condition must be taken into account when appraising a property with a view to letting. We provide a FREE MARKET APPRAISAL based on our extensive knowledge of the market place.
- What type of Tenancy Agreement is used?
In the majority of cases an Assured Shorthold Tenancy will be used initially for a fixed period for residential lettings however, we are also able to offer a Rental Agreement for commercial lettings.
- Who holds the deposit?
We, as Managing Agents, hold the deposit paid by the tenant until the tenant vacates and a final inspection of the property has been carried out.
- What is an Inventory/Schedule of Condition?
An Inventory/Schedule of Condition is used as a yardstick by which the state of the property and its contents are judged at the end of the tenancy.
- What happens when my property is empty?
You must advise your insurance company of any period when your property is empty, either prior to a first letting or between tenancies, in accordance with their requirements regarding empty property.
- Do you inspect the property whilst it is empty?
No - the property would normally only be 'seen' whilst carrying out an accompanied viewing with a prospective tenant.
- How do you vet a prospective tenant?
All applicants go through a vetting procedure including obtaining references from employers, present/previous landlord (if applicable) and bankers. We also have the facility to carry out a Credit Search of applicants.
- Can I stipulate certain criteria regarding tenants?
We never forget you are the owner of the property. Whilst we are happy to take your instructions with regard to restrictions on children, pets, smokers and other requirements you may have, we will not permit discrimination on the grounds of race, colour, creed etc.
- What is the tenant responsible for paying?
In addition to the payment of rent the tenant takes responsibility for the payment of Council tax, water rates, gas, electric and telephone charges.
- Is a tenant required to maintain the garden?
The upkeep and maintenance of the garden is the responsibility of the tenant. However, there are times when a Landlord would prefer to arrange for a gardener to maintain the garden whilst the property is tenanted. This cost can be incorporated in the rental value. Obviously it is advisable to provide some equipment for maintaining your garden.
- What if a tenant does not pay the rent?
Although we endeavour to ensure tenants are suitable in every way there may be the odd occasion when a tenant falls into arrears. Payment of rent is monitored through our Credit Control System. Should a serious arrears problem arise there is an effective course of redress through the Courts. Please note that should it be necessary to take legal action, the cost of doing so is borne by the Landlord. To minimise any loss in such a situation we are able to offer insurance to cover legal expenses. (Details available on request)
- What if a tenant refuses to leave?
Following the service of notice on a tenant, should they refuse to vacate the property, the matter will need to be settled through the Courts. Please note that our fees and charges do not cover issuing legal proceedings. You, as Landlord, will need to instruct your own solicitor to act on your behalf.